Reassessment Under Section 147 Invalid Where Section 153C Applies: ITAT Pune

Advertisement ITO Vs Narendra Sampatlal Bafna Bafna Tyre and Auto (ITAT Pune) The appeal before the Income Tax Appellate Tribunal (ITAT), Pune, arose from the Revenue’s challenge to the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC) for Assessment Year 2017-18, while the assessee filed cross objections supporting the appellate order. The Assessing Officer (AO) reopened the assessment under Section 147 based on information received from the Investigation Wing following a search conducted on Shri Sachin Nahar, a finance broker. According to t...